Patrick Industries (NASDAQ:PATK) Given “Neutral” Rating at Robert W. Baird

Robert W. Baird reiterated their neutral rating on shares of Patrick Industries (NASDAQ:PATK) in a research report released on Friday morning, Marketbeat Ratings reports. They currently have a $96.00 price objective on the construction company’s stock, down from their prior price objective of $100.00.

Other equities analysts also recently issued reports about the company. KeyCorp increased their target price on Patrick Industries from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. StockNews.com lowered shares of Patrick Industries from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Raymond James boosted their target price on shares of Patrick Industries from $99.00 to $103.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Truist Financial raised their price target on shares of Patrick Industries from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, Benchmark boosted their price objective on shares of Patrick Industries from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $99.29.

Patrick Industries Stock Down 1.9 %

PATK stock opened at $78.60 on Friday. The firm has a 50-day moving average price of $89.94 and a 200-day moving average price of $89.68. Patrick Industries has a 12 month low of $67.72 and a 12 month high of $98.90. The company has a current ratio of 2.33, a quick ratio of 0.77 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $2.64 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 1.41 and a beta of 2.37.

Patrick Industries (NASDAQ:PATK) last issued its earnings results on Thursday, February 6th. The construction company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. Patrick Industries had a net margin of 3.72% and a return on equity of 13.25%. As a group, equities research analysts anticipate that Patrick Industries will post 5.33 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.60 dividend on an annualized basis and a yield of 2.04%. Patrick Industries’s dividend payout ratio (DPR) is currently 38.83%.

Insider Activity

In related news, Director M Scott Welch acquired 10,000 shares of Patrick Industries stock in a transaction dated Tuesday, March 11th. The stock was bought at an average price of $86.22 per share, with a total value of $862,200.00. Following the transaction, the director now directly owns 136,000 shares in the company, valued at $11,725,920. This represents a 7.94 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Stacey L. Neu sold 2,885 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $85.53, for a total transaction of $246,754.05. Following the transaction, the executive vice president now owns 18,044 shares in the company, valued at $1,543,303.32. The trade was a 13.78 % decrease in their position. The disclosure for this sale can be found here. 4.70% of the stock is owned by company insiders.

Institutional Trading of Patrick Industries

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company’s stock worth $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Patrick Industries by 391.8% during the fourth quarter. Wellington Management Group LLP now owns 2,027,708 shares of the construction company’s stock worth $168,462,000 after purchasing an additional 1,615,412 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Patrick Industries by 48.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company’s stock worth $154,823,000 after purchasing an additional 609,036 shares in the last quarter. Capital World Investors grew its position in Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company’s stock valued at $78,454,000 after purchasing an additional 314,773 shares during the period. Finally, State Street Corp increased its stake in Patrick Industries by 3.5% during the 3rd quarter. State Street Corp now owns 816,031 shares of the construction company’s stock valued at $116,178,000 after purchasing an additional 27,669 shares in the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

About Patrick Industries

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.